Smith Tower is currently up for sale at an undisclosed price, according to a promotional flyer advertising the “investment offering” seen by The Seattle Times. Investment bank Eastdil Secured confirmed this week that the building is for sale.
Over its 109-years, Smith Tower has changed hands many times. When it opened in 1914, Smith Tower was one of the country’s tallest buildings outside of New York. On its opening day, it drew 4,200 visitors to its 35th-floor observatory. However, today, nearly half of the building’s office and retail space remains unoccupied.
The current owners of the building, Seattle-based development and investment firm Unico and Goldman Sachs Asset Management are now looking to sell the iconic tower as the office market stalls.
According to county records, Smith Tower last sold for almost $138 million in early 2019, before the pandemic. The tower is located inside the Pioneer Square Preservation District, meaning that most changes or remodeling would require advance approval from a neighborhood preservation board and the city.
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